Category: AML

Regulatory Watch News

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  Businessman sentenced to over nine years in prison for $1.5M fraud on employees, investors, and the Virginia Department of Agriculture and Consumer Services

  IRS Criminal Investigation

  February 15, 2025

  Newport News, VA — A Suffolk man was sentenced yesterday to nine years and two months in prison for defrauding investors and employees of his business out of hundreds of thousands of dollars. While on pretrial release and after his bond was revoked, he additionally attempted to defraud the Virginia Department of Agriculture and Consumer Services out of $1.1 million.

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  Nevada Woman Pleads Guilty to Fraudulently Seeking Nearly $100M in COVID-19 Employment Tax Credits

  US Department of Justice

  February 14, 2025

  IRS Paid Out $33M of the $98M Defendant Sought

  A Nevada woman pleaded guilty yesterday to conspiring to defraud the United States by making claims for refunds of false COVID-19 related employment tax credits. According to court documents and statements made in court, Candies Goode-McCoy, of Las Vegas, conspired with others to file tax returns seeking fraudulent refunds based on the employee retention credit (ERC) and paid sick and family leave credit. From around June 2022 through September 2023, McCoy filed approximately 1,227 false tax returns for her businesses and others claiming these refundable credits.

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  Arrest in investigation into violation of sanctions law

  Fiscal Information and Investigation Service - FIOD

  February 14, 2025

  The FIOD arrested a 57-year-old director of a private limited company on 11 February. The director and the company are suspected of violating the Sanctions Act due to the sale of sanctioned motherboards and graphics cards intended for Russia.

  The suspicion concerns the sale of sanctioned motherboards and graphics cards to Russian buyers via Hong Kong, the United Arab Emirates and Cyprus for an amount of at least 24 million US dollars. The suspect's home and business premises were searched. Physical and digital administration, business premises and various bank accounts were seized.